For the fourth quarter, IBM’s net income increased 6.3% to $5.83 billion, though overall revenue declined almost 1% to $29.3 billion. For 2013, IBM said it expects to deliver earnings per share of at least $15.53, which would mark a jump of 8% from full-year 2012 earnings of $14.37 a share…

In the latest quarter, revenue in IBM’s growth markets resumed its climb, jumping 7% as sales to large markets such as Brazil, Russia, India and China increased 11%.

Merrill Lynch, meanwhile, highlights the 14% growth in the BRICs.

Despite IBM’s pop, analysts appear rather lukewarm on the company. Merrill Lynch “tweaked” its earnings estimates upwards, but kept its price target at $230. JPMorgan maintained its neutral rating on the stock and recommended inventors take profits into the rally.

One reason of concern: limited upside for IBM’s services business. It notes that services signings were down 12% from a year ago at $17.9 billion, about $2 billion below consensus.

Don’t expect India’ IT stocks to get much of a boost. “…the results…hold limited triggers for Indian IT services sector,” Nomura said in a report today. It notes that outsourcing bookings–”more relevant for Indian IT”–were down 27%, while India’s IT businesses are dependent on developed markets, not emerging ones.

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